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Poughkeepsie man charged with embezzling $7 million

A Poughkeepsie man accused of embezzling at least $7 million while working at a global financial services firm was arrested Wednesday, according to a press release from the U.S. Attorney’s Office of the Southern District of New York.

Poughkeepsie man charged with embezzling $7 million

A Poughkeepsie man accused of embezzling at least $7 million while working at a global financial services firm was arrested Wednesday, according to a press release from the U.S. Attorney’s Office of the Southern District of New York.

Christopher Canale, 47, was charged with one count of wire fraud — which carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the crime — and one count of bank fraud, which carries a maximum sentence of 30 years in prison and a maximum fine of $1 million or twice the gross gain or loss from the crime.

He was also charged with one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison and a maximum fine of $250,000 or twice the gross gain or loss from the crime.

Canale is accused of using his position as an accounts payable manager to embezzle money through unauthorized wire transfers and by cashing checks without authorization from 2003 to 2016, according to the release.

He allegedly used those funds to pay for numerous lavish expenses, including an outdoor pool, outdoor sound system, landscaping for his home and at least one luxury car, according to the release. Additionally, he's accused of paying bills for a credit card account and sending around $40,000 in wire transfers to another individual.

Preet Bharara, the U.S. Attorney for the Southern District of New York, said in the release that Canale “used his employer’s bank accounts” as his own, “siphoning millions.”

And William F. Sweeney Jr., assistant director-in-charge of the New York field office of the FBI, said Canale is additionally accused of forging his boss’ name, which he said makes "matters worse."

“The FBI is dedicated to the pursuit of those who steal from our financial community,” he said in the release.

Peter Goodrich, an attorney based in White Plains, is representing Canale, but is only in the early stages of developing a case.

“I’m going to meet with the client, discuss the case and then start making decisions,” he said.

Canale posted a secure bond of $350,000, according to court papers filed Wednesday.

Under a condition of his release, he is no longer to be employed in a business where he has access to personal information of others, according to the court papers.